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Principality Reduces Mortgage Rates

Wales’ largest building society has reduced rates on over 40 products across its mortgages range, by up to 95 basis points.

The largest reductions are aimed at first time buyers, including the Joint Borrower Sole Proprietor 2 year fixed 90 per cent loan-to-value (LTV) product reduced by 95 bps to 2.58 per cent.  The Joint Borrower Sole Proprietor products accept up to four incomes on the application, allowing parents, step parents and grandparents to join their child or grandchild on the mortgage, without needing to be on the title deeds and jointly owning the property.

The Help to Buy England and Wales mortgages at 75 per cent LTV have also been reduced, including the 2 year fixed Help to Buy which has been reduced by 63 bps, now being offered at 2.01 per cent.

Reductions for customers looking to remortgage include the 2 year fixed term 75 per cent LTV product which has been reduced by 10 bps to 1.48 per cent.

Based in Wales, Principality is the sixth largest building society in the UK, with 500,000 members. The Society lends across England and Wales and has supported over 1,500 first time buyers this year.

Morgan Miles, head of products at Principality Building Society, said: ‘’We’re pleased to be reducing rates across our mortgage range to support our brokers and customer needs. We hope the reductions on the Help to Buy England and Wales mortgages and Joint Borrower Sole Proprietor offering will further assist first time buyers looking to get onto the property ladder.’’